Published by Global Banking & Finance Review®
Posted on March 10, 2025
2 min readLast updated: January 24, 2026
Generali investor Caltagirone will not propose a new CEO, focusing instead on naming directors. Mediobanca faces a takeover bid by Monte dei Paschi.
By Valentina Za, Stefano Bernabei and Gianluca Semeraro
MILAN (Reuters) - Leading Generali investor Francesco Gaetano Caltagirone aims to name up to six directors at the insurer but stop short of proposing a new candidate for the chief executive role as part of a new board, two sources said.
Unlike three years ago, when Caltagirone backed an alternative candidate to Generali CEO Philippe Donnet, the construction magnate has no plans to challenge directly Donnet's reappointment, the two sources and a third person with knowledge of the matter told Reuters.
The boardroom battle brewing once again at Europe's third biggest insurer comes as a raft of takeover bids reshape Italy's financial sector.
Generali's biggest shareholder, Mediobanca, has become the takeover target of state-backed lender Monte dei Paschi di Siena.
MPS's move followed the emergence among its top investors of Caltagirone and of another major Generali and Mediobanca shareholder, investment vehicle Delfin.
MPS' bid potentially opens a second battlefront in the long-standing tussle pitting Delfin and Caltagirone against Mediobanca CEO Alberto Nagel.
Three years ago, Caltagirone failed to get his alternative CEO candidate named at Generali, when Donnet, put forward by Generali's board with backing from Mediobanca, got handed another three-year term.
Sources told Reuters last month that Caltagirone was weighing potential replacements to Donnet.
However, he currently has no plans to propose an alternative CEO candidate. That limits to six the number of directors Caltagirone can propose for Generali's 13-strong board.
Generali's shareholders are expected to meet at the end of April to appoint a new board, meaning Caltagirone would still have time to change his mind. The three sources, however, said a decision had been taken.
Donnet has said he is ready to remain at the helm of Generali, and is expected to be put forward by Mediobanca, which as the No.1 shareholder will seek to appoint a majority of members on the board.
(Reporting by Valentina Za, Stefano Bernabei and Gianluca Semeraro; editing by Cristina Carlevaro and Christina Fincher)
Caltagirone aims to name up to six directors at Generali but has no plans to propose a new candidate for the CEO role.
Unlike three years ago, when he backed an alternative candidate to CEO Philippe Donnet, Caltagirone is not challenging Donnet's reappointment this time.
Mediobanca is Generali's biggest shareholder and is also a target of a takeover bid from Monte dei Paschi di Siena, which adds complexity to the boardroom dynamics.
Generali's shareholders are expected to meet at the end of April to appoint a new board, giving Caltagirone time to reconsider his decision.
Philippe Donnet has expressed his readiness to remain at the helm of Generali and is expected to be put forward by Mediobanca for reappointment.
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